Alberta investment fraudster given four-year prison sentence

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An Alberta conman who fled the province ahead of his sentencing hearing in a Calgary courtroom last November is destined for prison, almost 11 years after he was first charged.

Ronald James Aitkens, who was arrested in B.C. earlier this month after nine months on the run, was given a four-year sentence Thursday for crimes the judge called “reprehensible.”

The former Lethbridge pastor was first charged in September 2013 for orchestrating a real estate scheme that saw nearly 1,500 investors contribute more than $35 million to Legacy Communities Inc., which proposed to develop a 200-hectare property west of Calgary.

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Court previously heard Aitkens, now 70, diverted about one-third of the Legacy investment funds to companies he controlled and then used those funds for other projects, including a Panama resort, which eventually failed.

By December 2011, the Legacy fund had a balance of less than $10,000.

Aitkens was convicted of two charges, including fraud, under the Alberta Securities Act in July 2020 and was to be sentenced last Nov. 6, following numerous delays but didn’t turn up.

In his written decision, Justice Lloyd Robertson said Aitkens’ actions were “reprehensible” and deliberate for which he has shown no remorse.

“His actions were motivated by greed,” Robertson wrote.

The sentence issued Thursday comprised 39 months on the fraud charge and a further nine months for making misleading statements.

Aitkens is also permanently barred from trading in securities or derivatives and must resign any positions he holds as a director or officer, among other measures.

Robertson denied awarding $136,000 in restitution sought by three of Aitken’s victims, noting the project failed for multiple reasons outside the fraud, including the fact planning approval was never given.

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“Legacy was always a risky investment, dependent on many factors to align perfectly for its success,” Robertson wrote, while acknowledging Aitkens did attempt to develop the land.

“Even if all the money was applied to the desired project, even if everything was done above board and in the full view of investors, even if everything had gone according to plan, there was always a real risk the project would fail.”

During sentencing submissions last year, the Crown sought a total punishment of five years of imprisonment — four years for the fraud conviction and an additional year for making a false or misleading statement in an offering memorandum.

Aitkens’ lawyer had suggested a conditional sentence order of less than two years to be served in the community.

“This sentence clearly demonstrates that those who defraud investors will face consequences for their actions no matter where they try to hide,” Cynthia Campbell, director of enforcement at the Alberta Securities Commission (ASC), said in a statement.

“The ASC is committed to securing appropriate sentences of imprisonment for such offenders and ensuring that fleeing the country will not shield them from accountability.”

Aitkens is expected to face a separate court date for failing to attend his original sentencing.

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